Deere employees suing Fidelity over 401(k) fees
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Fidelity Investments is being sued by Deere & Co. workers who claim that they were charged hidden fees in their 401(k) retirement accounts.
The lawsuit, filed Dec. 8 in federal court in Madison, Wis., also names Deere and seeks class-action status. The four employees are asking for unspecified damages, as well as an order that excessive fees be returned to their 401(k) plans.
Schlichter, Bogard & Denton, the St. Louis-based law firm that represents the Deere employees, has filed similar suits against Boeing Co., Caterpillar Inc. and Lockheed Martin Corp. The suits claim the employers entered into undisclosed revenue-sharing agreements with fund managers and administrators.
“We disagree with many of the factual and legal assertions in the complaint,” said Vin Loporchio, a spokesman for Boston-based Fidelity.
Ken Golden, a spokesman for Moline, Ill.-based Deere, said that the lawsuit had no merit and that the company was preparing to fight the allegations.
Deere shares rose $1.41 to $96.11.
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